The New New York

Decentralize or Die Slow

Miami Is the New New York

As the world of finance begins to decentralize, will the centers of financial (and tech) power begin to do so, as well? A number of New Yorkers have left New York for locales like Miami, FL and they have done so for much more than the warmer weather and the tax breaks. Let’s take a look at what some of the powers that be in Miami and New York have to say about a future featuring decentralized financial systems.

First, we have Francis Suarez, the mayor of Miami, pushing back on Treasury Secretary Janet Yellen’s calling Bitcoin “extremely inefficient” (a comment that preceded a human error that caused the Fed and its money lending services to shut down for two hours on Wednesday, Feb. 24, 2021, for four hours - irony much?).

Mayor Francis Suarez @FrancisSuarez

The rise of #Bitcoin speaks to the power of decentralization of digital assets that may become a currency in an economy that is growing exponentially. @jack @cameron @tyler @APompliano @brian_armstrong @michael_saylor @elonmusk @FEhrsam @balajis

Axios @axios

Mayor @FrancisSuarez, who wants Miami to embrace bitcoin, pushes back on Yellen calling it “extremely inefficient”: “It doesn't surprise me at all that a Treasury secretary would find a decentralized potential currency to be hostile to a currency that they control.” #AxiosOnHBO https://t.co/jWIAAR0Css

In embracing the decentralized future of finance, Suarez has not only begun to attract money from New York, but tech talent from Silicon Valley, as well. He has already held meetings with Elon Musk’s people as well as the likes of fintech titans like Peter Thiel, best known for his work in creating PayPal.

Mayor Francis Suarez @FrancisSuarez

Here in Miami, we get the power of decentralization of digital assets because we believe in a similar way the pandemic has shown that innovation has also been decentralized out of traditional hubs like Silicon Valley to cities like #Miami

Mayor Francis Suarez @FrancisSuarez

Ultimately #Bitcoin and cryptocurrencies, in general, represent one of the greatest democratizing forces for prosperity. In a future-forward city like Miami, we are committed to an innovation economy and ecosystem that delivers for everyone.

And what do we get in New York?

NY AG James @NewYorkStateAG

There are extreme risks in investing in virtual or cryptocurrencies and it’s imperative that we act to protect investors' wallets. I’m warning New Yorkers and investors across the country that investing in this unstable market is not prudent and could cause devastating losses.

We get NY Attorney General Letitia James sharing such wildly illuminating thoughts, while more and more decentralized finance start ups move out of New York State because they cannot get access to a BitLicense. Now, what is this BitLicense you speak of, good sir? The BitLicense started in 2015 and has subjected cryptocurrency start ups in New York State to more onerous regulations than traditional finance institutions. The BitLicense is the reason New Yorkers cannot get access to services from a company like BlockFi, a company that offers APY yields as high as 8% on cryptocurrency holdings, rates comparable to those of high interest savings accounts at banks from years ago. If you live outside of New York State and own cryptocurrency, I highly suggest looking into BlockFi’s services; they make saving sexy again. Since its founding by the Dutch in 1624, New York has been a city of commerce, and if our current leadership and regulations do not change, we can wave goodbye to a large part of New York’s identity and spirit. Luckily, we have a new contender in the ring for mayor of New York, someone who is well-known for looking forward and not backward.

Andrew Yang🧢🗽🇺🇸 @AndrewYang

As mayor of NYC - the world’s financial capital - I would invest in making the city a hub for BTC and other cryptocurrencies.

Fingers crossed for the Yang Gang. Until then, though, New York remains at risk of losing entrepreneurs to cities like Miami, FL; Austin, TX; and Cheyenne, WY (see Cailtin Long and Avanti Bank). Not a good look for the future of New York.

In the meantime, let’s take a look in the next section at someone who gives New York a real good name…

Consider Giving Back

If you have made money in markets lately and feeling some urge to give back to people in need, consider supporting the efforts of the Lower East Side’s (NY) Power Malu. Power is a hands-on community activist, small business owner, one of the coaches of the NYC Bridge Runners (Instagram - @bridgerunners), and wordsmith. He also used to host the show Lyricist Lounge on MTV (a show that helped to bring the likes of Common and Mos Def to a more mainstream audience). I was introduced to Power a few months back while eating at The Organic Grill (my favorite vegan restaurant, also located in the L.E.S.) and was immediately struck by his presence. Power told us a bit about his work, which, at that time, was focused on purchasing and delivering presents to lower-income families in the neighborhood (We met during the holiday season.) He also consistently raises money to purchase and deliver food for those in the neighborhood experiencing financial hardship, especially during the pandemic. His latest act of altruism has been establishing a plant-based community fridge outside of the boxing gym in which he is a part owner. People can are welcomed to take and donate food as needed and as they are comfortable giving. Check out some local news footage of the how the community fridge works here. If you are interested in learning more about Power’s incredible work, follow him on Instagram (@powermalu) or check out his interview on the owner of The Organic Grill’s podcast, OG Talk. If you like what you hear, consider donating via Venmo (@powermalu).

Thanks everyone for reading, and take it ease.

Big Love,

Frank

What I Am Reading: The Four Agreements, by Don Miguel Ruiz

What I Am Listening To: “C.I.A. (Criminals in Action)”, by Zack De La Rocha, KRS-One & The Last Emperor

“…in the new millennium, they’ll be no central intelligence” -KRS-One